MRPL boosts net profit by 50%

Mangalore Refinery & Petrochemicals Ltd. (MRPL) reported net profit for the fiscal fourth  quarter of Rs 5.53 billion (US$122.14 billion), an increase of more than 50% during the same period last year. Sales rose to Rs 124.14 billion (US$2.741 billion), up 42%. Uttam Kumar Basu, managing director for Mangalore, said that refineries are seeing strong margins due to increases in crude oil and petroleum product prices, and good margins for diesel fuel, jet fuel and gasoline.  MRPL has a refinery at Mangalore with a 236,000 barrel-per-day capacity which is being expanded to 300,000 barrels per day (bpd). Basu said MRPL is on track to commission its expanded refining capacity in January, despite a six-month delay in commissioning of a gas-based power plant for its own use. (May 20, 2011)